You will be redirected back to your article in seconds

Petersen files suit in L.A. against Advanced Medien

Helmer claims company underfunded prod'n outfit

In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal.

According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits include “Air Force One” and “The Perfect Storm,” entered into a written agreement with Advanced in April 2000 to create a production company and develop films to be produced by Petersen.

Petersen is represented by Larry Stein of Alschuler Grossman Stein & Kahan. Stein also represents Franchise Pictures in its ongoing legal battle with German distributor Intertainment.

Advanced could not be reached for comment.

The deal allegedly required Advanced to provide overhead funding of $7.5 million in five annual installments and development funding of $12 million in eight semi-annual installments. Advanced also was required to put up a letter of credit for $5 million.

According to the complaint, Advanced never provided the letter of credit, instead belatedly provided a $3 million letter of credit. In addition, Advanced owes an installment of $1.3 million in development funding.

The suit alleges that Advanced falsely accused Petersen of breaching the contract and has issued press releases claiming it has fulfilled all payment obligations. Advanced has made these statements, the complaint alleges, to prop up the plummeting stock of the parent corporation, Advanced Medien, in anticipation of the late-August shareholders meeting and because the company has serious cash-flow problems.

The complaint alleges causes of action for breach of contract and fraud and seeks money damages and a right to terminate the contract.

More Biz

  • Jean-Michel Jarre

    CISAC Reports Global Royalty Collections Hit Record $10 Billion

    In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal. According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits […]

  • John Lasseter Pixar

    John Lasseter Takes Leave of Absence From Disney/Pixar, Apologizes for Unwanted Hugs

    In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal. According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits […]

  • at&t time warner merger

    AT&T-Time Warner Merger: Does the DOJ Have a Case?

    In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal. According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits […]

  • Variety Announces Inductees to Home Entertainment

    Chris Meledandri, WB's Jim Wuthrich, Vudu Join Variety's Home Entertainment & Digital Hall of Fame

    In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal. According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits […]

  • Al Franken

    Former Female 'Saturday Night Live' Staffers Issue Statement of Support for Al Franken

    In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal. According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits […]

  • Harvey Weinstein

    Female-Led Investor Groups Target Weinstein Co. Acquisition

    In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal. According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits […]

  • Randall Stephenson

    AT&T Begins PR Battle Against Justice Department From CNN News Room

    In another case spawned by the collapse of the German Neuer Markt, director Wolfgang Petersen has sued Advanced Licensing for underfunding the director’s motion picture production company that was set up under a five-year multimillion-dollar deal. According to the complaint, filed Monday in the Santa Monica branch of L.A. Superior Court, Petersen, whose directing credits […]

More From Our Brands

Access exclusive content